Website Cookie Policy

We use cookies to give you the best possible online experience. If you continue, we’ll assume you are happy for your web browser to receive all cookies from our website.
See our cookie policy for more information.

Practice Areas

More Information

thepartners@wrigleys.co.uk

Leeds: 0113 244 6100

Sheffield: 0114 267 5588

FOLLOW WRIGLEYS:

Send us an enquiry
Close

Academy Trust - new reporting requirements

12 July 2016

Academy trusts are companies and as such are subject to statutory reporting obligations under the Companies Acts.

What is new?

From April new rules require companies, including academy trusts, to identity anyone who has significant control over the company. A new company register is required for persons with significant control (the PSC Register).

From June 2016 information from the PSC Register must be notified to Companies House annually, along with the company's Confirmation Statement, which now replaces the Annual Return.

What action is required?

Academy Trusts must:

  • create and maintain a PSC Register; 
  • take reasonable steps to identify whether there are any 'registrable persons'; 
  • even if there are no registrable persons, it must still maintain a PSC Register.

Failure to do so is an offence which can lead to imprisonment and/or a fine.

In addition: 

  • information concerning 'registrable persons' must not be entered in a PSC Register without their knowledge 
  • any individual who is a 'registrable persons' is also under a duty to inform the company.  Failure to do so is an offence which can lead to imprisonment and/or a fine.

Who are persons with significant control?

The rules are complex, but include those who: 

  • can exercise more than 25% of the voting rights; 
  • have the right to appoint or remove the majority of directors (i.e. the trustees) of an academy trust.

For example, significant control exists: 

  • if an academy trust has only 3 members;
  • if the Diocese can appoint a majority of the trustees of the academy trust, they have significant control of the academy trust.
  • where the Academy Trust operates a trading subsidiary and it is the sole member, it has the power to appoint the majority of directors, or the subsidiary board has only three directors.

 

If you would like to discuss any aspect of this article further, please contact Chris Billington on 0113 244 6100.

You can also keep up to date by following Wrigleys Schools team on Twitter here

The information in this article is necessarily of a general nature. Specific advice should be sought for specific situations. If you have any queries or need any legal advice please feel free to contact Wrigleys Solicitors

 

July 2016

 

Chris Billington View Biography

Chris Billington

Partner
Leeds

23 Apr 2024

Companies House fees increasing from 1 May 2024

In this article, we look at the reasoning behind the fee increases and what they mean for charitable companies and social enterprises.

17 Apr 2024

Independent schools’ development: policies for navigating the modern fundraising landscape

Independent schools face fundraising challenges in a tough climate. Learn best practices for compliant and effective fundraising policies.

09 Apr 2024

Charities Act 2022: new provisions introduced

What do the latest provisions mean for your charity?